Pine Labs IPO Details
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Pine Labs IPO opens for subscription on 07 Nov 2025 and closes on 11 Nov 2025. The IPO will be listed on NSE, BSE with the tentative listing date set for 14 Nov 2025.
Pine Labs IPO price band has been fixed at ₹210 – ₹221 per share.The face value is ₹1 per share with a lot size of 67.
Pine Labs IPO total issue size comprises 17,64,66,426 shares (aggregating up to ₹3899.91 Cr.). This includes a fresh issue of 9,41,17,647 shares (aggregating up to ₹2080.00 Cr.). Offer for Sale consists of 8,23,48,779 shares (aggregating up to ₹1819.91 Cr.). Pre-issue shareholding stands at 1,05,41,46,853, which will increase to 1,14,82,64,500 post-issue.
Pine Labs IPO carries a ₹6 (2.7%) GMP, reflecting investor sentiment.
Pine Labs IPO Lot Size : Retain Minimum is 1 lot (67 shares) amounting to ₹14,807. Retain Maximum is 13 lots (871 shares) amounting to ₹192,491. SHNI Minimum is 14 lots (938 shares) amounting to ₹207,298. SHNI Maximum is 67 lots (4,489 shares) amounting to ₹992,069. BHNI Minimum is 68 lots (4,556 shares) amounting to ₹1,006,876.
The Lead Managers for Pine Labs IPO are crucial for the offering's success. They are responsible for a wide range of tasks, including preparing the company for the public market, managing the regulatory filings, and marketing the IPO to potential investors. The lead manager for this offering is Morgan Stanley India Company Pvt Ltd, Axis Capital Limited, JP Morgan India Pvt.Ltd., Jefferies India Private Limited, Citigroup Global Markets India Private Limited. To assess their past performance and success in previous IPOs, you can view the Lead Manager Performance Summary report.
For detailed information, Refer to the Pine Labs Limited RHP.
Pine Labs IPO Details
Pine Labs IPO Subscription
Pine Labs IPO Application Wise Breakup (Approx)
Pine Labs IPO Dates
- 07 Nov 2025Opening dateOPD
- 11 Nov 2025Closing dateCOD
- 12 Nov 2025Allotment Date BOA
- 13 Nov 2025Initiation of RefundsIOR
- 13 Nov 2025Credit of SharesCOS
- 14 Nov 2025Listing dateLID
Pine Labs IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retain Minimum | 1 | 67 | ₹14,807 |
| Retain Maximum | 13 | 871 | ₹192,491 |
| SHNI Minimum | 14 | 938 | ₹207,298 |
| SHNI Maximum | 67 | 4489 | ₹992,069 |
| BHNI Minimum | 68 | 4556 | ₹1,006,876 |
Pine Labs IPO Reservation
Promoter Holding
Documents
Pine Labs IPO Valuations
Pine Labs Financial Information
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 10,904.32 | 10,715.74 | 9,648.56 | 9,363.21 |
| Total Income | 653.08 | 2,327.09 | 1,824.16 | 1,690.44 |
| Profit After Tax | 4.79 | -145.49 | -341.90 | -265.15 |
| EBITDA | 120.56 | 356.72 | 158.20 | 196.80 |
| NET Worth | 2,327.55 | -2,244.27 | -2,035.24 | -1,764.77 |
| Total Borrowing | 888.74 | 829.49 | 532.92 | 329.51 |
| Amount in ₹ Crore | ||||
About Pine Labs IPO
Incorporated in 1998, Pine Labs is a leading Indian merchant commerce platform that provides point-of-sale (POS) solutions, payment processing, and merchant financing services. Pine Labs empowers businesses of all sizes—from small retailers to large enterprises—with digital payment technologies and value-added services.
Key Offerings:
- Smart POS Devices – Accept multiple forms of payments including credit/debit cards, UPI, mobile wallets, and EMIs.
- Buy Now Pay Later (BNPL) – Offers instant EMI solutions at the point of sale for various consumer goods.
- Merchant Financing – Provides short-term working capital loans to merchants through partnerships with financial institutions.
- Loyalty and Gift Solutions – Enables brands to offer loyalty programs, digital gift cards, and promotional campaigns.
- E-commerce and Online Payment Tools – Offers APIs and payment gateway services to support digital stores and apps.
As of June 30, 2025, the company had 988,304 merchants, 716 consumer brands and enterprises, and 177 financial institutions. It has served top consumer brands, including Amazon Pay, LG Electronics, Flipkart Internet Private Limited and Redington. Under the financial institutions, its key customer base includes HDFC Bank, Axis Bank and ICICI Bank.
Pine Labs has evolved from a card-based payment solution provider to a comprehensive fintech platform, playing a key role in India's shift to a cashless, digitally empowered retail economy.
Strength Of Pine Labs IPO
- Platform with proven scale and growth in operating profitability.
- Ecosystem which brings together merchants, consumer brands and enterprises, and financial institutions enabling commerce transactions and creating network effects.
- Deep partnerships with large merchants, consumer brands and enterprises, and financial institutions.
- Full stack, cloud-based flexible and scalable technology platform.
- Ability to consistently innovate new solutions and features.
- Experienced, professional management team with entrepreneurial leadership.
Risk Of Pine Labs IPO
- We have incurred losses in the recent past, including a loss for the year of Rs.1,454.87 million in Fiscal Year 2025 primarily driven by our total expenses, which was 104.29% of total income in Fiscal Year 2025. There can be no assurance that we will not continue to suffer losses in the future.
- We have had negative cash flows from operations in the recent past. Our net cash used in operating activities in the three months period ended June 30, 2025 was Rs.2,811.93 million. There can be no assurance that we will not continue to generate negative cash flows in the future.
- If we are unable to retain our existing customers and acquire additional customers, our business, financial condition and results of operations could be adversely affected.
- Our top 10 customers accounted for 29.30% and 30.95% of our revenue from operations for the three months period ended June 30, 2025 and Fiscal Year 2025, respectively. Our revenue from operations is concentrated among a few key customers, and any decision by these customers to reduce or terminate their business with us could significantly impact our business, financial condition and results of operations.
- The auditor's reports on our financial statements contain certain remarks and modifications including adverse opinions for the Fiscal Years 2025, 2024 and 2023. There can be no assurance that future audit reports will not include remarks from our auditors, which may have an adverse effect on our business, financial condition and results of operations.
- Our operations are subject to regulation, oversight and inspection by the Reserve Bank of India ("RBI") and the Reserve Bank Information Technology Private Limited ("ReBIT"), and any adverse observations, proceedings or notices from the RBI or ReBIT may adversely affect our business, financial condition, results of operations and prospects.
- We may not be able to prevent others from unauthorized use of our intellectual property or may be subject to claims by third parties for alleged infringement, misappropriation, or other violation of their intellectual property or other proprietary rights, any of which could harm our business and competitive position.
- There are outstanding legal proceedings against our Company and Subsidiaries. Any adverse decision in such proceedings may render us/ them liable to liabilities/ penalties and may adversely affect our business, cash flows and reputation.
- We have in the past and may in the future be subject to cybersecurity, data or privacy breaches that could interrupt our operations and adversely affect our reputation, brand, business, financial condition and results of operations.
- We have not obtained credit ratings. A failure to obtain credit ratings and any downgrade in any future credit ratings we may have could increase our borrowing costs and adversely affect our ability to obtain financing.
Objectives Pine Labs IPO
1. Repayment / prepayment, in full or in part, of certain borrowings availed of by our Company and certain of our Subsidiaries,
2. Investment in certain of our Subsidiaries, namely Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE for expanding our presence outside India
3. Investment in IT assets, expenditure towards cloud infrastructure, technology development initiatives and procurement of DCPs
4. General corporate purposes and unidentified inorganic acquisitions
Company Contact Details
Pine Labs Ltd.
Unit No. 408,
4th Floor, Time Tower,
MG Road, DLF QE
Gurgaon, Haryana, 122002
Phone: +91 22 6986 3600
Email: cosecy@pinelabs.com
Website: http://www.pinelabs.com/
Registrar Contact Details
Lead Mangers
Lead Manager Reports